What are the risk management strategies?

Risk management strategies:

• Retain the risk (Absorption) as like when the risk is small and won’t influence the project a great deal in that case ‘do very little and live along with it’.

• Avoid the risk (Avoidance) as like take action to make sure the risk is prevented or avoided in a few way for example contract clauses and abort contract etc, but that will cost money and some risks are unavoidable, thus avoidance may not be feasible.

• Reduce the risk (Reduction) for example make sure a risk is minimised by effective control systems as like, employment agencies to supply staff ‘temps’ into the event which progress falls below what’s supposed.

• Transfer the risk (Transference) as like passes or transfer the risk to a third party, an insurer or underwriter thus bears the risk, conversely this could cost allot of money.

• Contain the risk (Containment) for example instant action taken to safeguard any unwanted occurrence, as like more than adequate funding or staff made available to avoid the situation arising, or two alternative suppliers on standby just into case. Contain implies to control, lessen the intensity or hold within restraint, very same to risk reduction.